3 Ways Sustainability Focused Suppliers Can Help Your Company
1. Enhance the brand reputation by catering to consumer preferences
In a recent study done by Statisa, 44 percent of consumers said they were more likely to buy from a brand with a clear commitment to sustainability. This is a number that continues to grow and is showing up in most industries all across the globe. Because of this, companies are becoming much more conscience in who they partner with as part of the supply chain in order to keep their promise and reputation to consumers.
Sustainability is now one of the cornerstone pieces for brand reputation. Consumers are becoming increasingly conscious of the environmental and social impact of the products they purchase. For manufacturing and distribution companies looking to grow their market share, aligning with sustainable suppliers is a must. By doing so, organizations can enhance their brand reputation and attract eco-conscious consumers.
2. Realize Long-Term Viability and Cost Savings
Choosing sustainable suppliers is not only beneficial for the environment, but also for the long-term viability and cost savings of a business. Sustainable suppliers often prioritize efficiency and resource optimization, which can lead to significant cost savings in the long run.
For example, sustainable suppliers may use renewable energy sources or implement energy-efficient technologies, reducing energy consumption and lowering operational costs. They may also adopt waste reduction and recycling practices, minimizing waste disposal costs and creating opportunities for cost savings through material reuse.
Furthermore, sustainable suppliers are more likely to invest in innovation and research to develop eco-friendly alternatives and solutions. By partnering with these suppliers, businesses can gain access to innovative products and technologies that can improve their sustainability performance and provide a competitive advantage in the market.
3. Meet Regulatory Compliance and Mitigate Risks
One of the key benefits of sustainable suppliers is the assurance of regulatory compliance and risk mitigation. Governments around the world are implementing stricter regulations and standards to promote sustainability. By partnering with sustainable suppliers, businesses can ensure that they are in compliance with these regulations, avoiding legal and reputational risks.
Sustainable practices also help mitigate risks associated with supply chain disruptions. Natural disasters and resource scarcity can have severe impacts on the availability and cost of raw materials. By adopting sustainable practices, such as diversifying supplier sources and implementing waste reduction strategies, businesses can build resilience in their supply chain and minimize the risk of disruptions.
In summary, sustainability is of utmost importance in supplier relationships. It not only enhances brand reputation and meets consumer preferences but also ensures regulatory compliance, mitigates risks, and drives long-term viability and cost savings. It's why companies like the Brown Company are putting such a focus on ensuring responsible measures are taken in sourcing and production.